EXTREME DEAL - BEST IN AUCKLAND - NOTHING TO DO

Listing Number:  1493
Posting Date:  16 July 2009






 
Price:$190,000
Listing:EXTREME DEAL - BEST IN AUCKLAND - NOTHING TO DO
Type:House : Minor Dwelling Potential
Category:Assignment
Bedrooms:3
Bathrooms:1
Region:Auckland
Site Area:80 m2
Address: Login
Building Area:761 m2
Property Image

Description:

DESPERATE LANDLORD LETS GO – 3 BEDRM HSE ON FULL SECTION UNDER $200K

Property Details:

The dwelling comprises a 3 bedroom home on a 761m2 section situated in a quiet cul-de-sac . There is nothing to spend on this property as the bathroom and kitchen have recently been renovated to a very high level, and the overall condition of the house is excellent.
This house was built in the 80’s of weatherboard cladding, galvanized iron roof and concrete footings.
A huge garage is at the rear of the property with enough room for 2 cars and a workshop. There is a large yard around the property with the possibility of a minor dwelling. There is flow from the lounge to the deck and on to the very spacious back yard. Close to good schools with bus and train services nearby. Big financial upside here by adding a second dwelling to the front of the property and you wouldn’t have to re arrange the existing house to do it as the front house has a big front yard.

Location:

Close to vibrant and growing Pukekohe town centre and local public parks and services.
2 min walk to Primary School
10 min walk to St Josephs School
15 min walk to Counties Stadium
10 min walk to Pukekohe town centre
30 min walk to Pukekohe Raceway

A LOCAL GOVERNMENT WEBSITE SAYS:
New residential developments are occurring in the south-east and north-east of the town but the council plans to ensure the rural aspect of the community is retained by limiting growth within certain boundaries. Homes on Pukekohe Hill overlooking the town are particularly sought after. Beautiful rich red volcanic soil is some of the best in the country..
House prices in Pukekohe range from $259,000 (two bedroom brick home in town) to $880,000 for a large home on Pukekohe Hill. The average would be about $320,000, says Anne-Marie Ruthe of Harcourts Real Estate in Pukekohe. A new sub-division in Valley Rd in the north-east of Pukekohe includes sections from $250,000 and houses priced at $400-500,000 (three to four bedrooms with ensuite).
Property Value:

The purchase price of this property has been driven down as the bank demands the Owner liquidates after they were burnt after investing with Bluechip. The property is now prime for the astute investor being 20% below valuation and a yield of 8.2%. Remember this is a three bedroom house with double garage on a full freehold site of 761 m2 under $200k. These are so rare, they don’t even exist!

Summary:

Purchase price: $190,000 (Includes finders fee)
Registered valuation: $255,000
Deposit: 15,000
Rental: $ 300 per week
Gross yield: 8.2%
Rates: $ 1,448.04

So this investment potentially looks like this:

• 20% below valuation ($65,000 equity)
• 8.2% return

Rent $15,600
Less Mortgage* $10,450
Less Rates $ 1,448.04
Less Insurance $ 325

Balance: $3,376.96 CASH POSITIVE

*If 100% financed at a one year rate of 5.5%


Please contact me if you have any questions.

Contact: Jeff Brill
Phone: 021 530276